Do Elves have Magic?

[Rimbaud]

The First Elves, especially those of the Vanyar and Noldor, were a very different prospect than the Elves we meet in Lord of the Rings. Those Elves were closer in stature to the Maiar and Valar and indeed the two races I spoke of dwelt among them in Valinor. The extent of their powers is unclear. However, Fëanor gave a few Balrogs a good fight, Fingolfin battled Melkor (most powerful of all the Valar) and wounded him severely. Even the Moriquendi in those years had powers above those of Third Age Elves. For instance Eol, the Dark Elf of Nan Elmoth lays enchantments upon Eredhel so that she cannot find her way out of the woods. Third Age Elves had some degree of 'magical' ability but not comparable. Of course the Eldar Elves among them, ie Galadriel, still carried the same powers.